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201�0570� (i) All or part of the Progerly, or a beneficial interest in a trust owning all or part of the Properiy, is sold or otherwise transferred (other than by devise or descent}, and (ii) The Properiy is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Properly but his or hez credit has not been approved in accordance with the requirements of the Secretasy. (c) No Waioer. ff circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HL7D 5ecretary. Jn many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immedia.te payment in full and foreclose if not paid. This Security Insttument does not authorize acceleration or foreclosure if not permitted by regi�lations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrumient and the Note are not determined to be eligible for �nc��,�ansp under the Nadonal Housing Act within 60 da.ys from the date hereof, Lender may, at its option, require immedia.te payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent fo 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoiug, this option may not be exercised by Lender when the unavailability of insura,nce is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinsta.ted if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings aze instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account currertt including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and e�enses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this 5ecurity Instrument and the obligations that it secures sha11 remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of fnreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (u) reinstatement will preclude foreclosure on different grounds in the future, or (iu) reuistatement will adversely affect the priority of the lien crea.ted by this 5ecurity Instrvment. 11. Bonower Not Released; Forbesrance By Lender Not a Waiver. Bxtension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Bonower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Inshvment by reason of any demand made by the original Borrower or Borrower's successors in interest. Any farbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covena.nts and agreements shall be joint and several. Any Borrowez who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommoda.tions with regard to the terms of this Security Instrument or the Note without that Borrower's consent. ��-�(NE) 18801) PaBa 6 of 8 ��a�8.�"